Payroll accounting applies to any business owner and involves recordkeeping of employees' compensation information, which includes:
Salaries, gross wages, commissions, bonuses, and any income earned by employees
Withholding of any payroll taxes, which include federal income taxes, Social Security, Medicare, and state income taxes, if applicable
Withholding for the employees' portion of health insurance premiums, contributions to savings plans, garnishments, etc.
Employer's expense for Social Security, Medicare, state and federal unemployment taxes
Employer's portion of benefits offered to employees. Such as health, vision, and dental insurance, paid holidays, pension and savings plan contributions, vacation and sick days, workers’ compensation insurance, etc.
If you have any questions on payroll accounting or would like assistance, please give our office a call at 573-686-3053.